His daughter Laura shared the news, saying the 69-year-old had been healthy enough to play shows a few weeks ago.
"He played down the 'cold' he thought he had," she wrote, before warning other families not to be complacent.
"You don't think It'll happen to you or your strong family. It has," she wrote. "Stay home if not for you, for others. For my dad. This thing is real."
I Love Rock 'N' Roll became a global hit for Joan Jett in 1982 and has been covered by artists ranging from Britney Spears to Weird Al Yankovic.
A parody version, I Love Sausage Rolls, was last year's Christmas number one in the UK, with proceeds going to charity.